Urgent need for more ambitious structural, financial sector reform measures in India: IMF
Washington: India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels while ensuring a more accommodative fiscal stance in the budget, the IMF has said.
Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesperson Gerry Rice said the economic environment in India is weaker than what the organisation had forecast earlier.
"While the budget touches on ongoing sectoral efforts, there remains an urgent need for more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy, anchored in tangible revenue and expenditure measures, especially given rising debt levels," Rice told reporters.
"The environment is weaker than what we had forecast earlier, that a more accommodative fiscal stance, this year, is appropriate, so that more accommodative fiscal stance in the budget, we think, is appropriate, he said.
"But, over the medium term, to be looking at a fiscal consolidation strategy, Rice said. The IMF in January lowered India's economic growth estimate for the current fiscal to 4.8 per cent.
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Schools in Mizoram's nine districts closed due to rain
Aizawl (PTI): All schools in nine districts of Mizoram remained closed on Tuesday due to heavy rain that has been lashing the northeastern state since the day before, an official said.
School Education Director Angela Zothanpuii said administrations of nine districts, including Aizawl, Kolasib, Lunglei and Mamit, announced school closure on Tuesday as a precautionary measure for students' safety.
However, schools in the southern districts of Hnahthial and Lawngtlai remained open following a slight improvement in weather conditions there, she said.
According to the India Meteorological Department, Serchhip recorded the highest rainfall at 70.5 mm in a 24-hour period, followed by Hnahthial 55 mm, Siaha 37.5 mm, and Aizawl 36 mm.
Khawzawl district reported 30 mm of rainfall, Mamit 25.9 mm, Kolasib 25 mm, Lawngtlai 17.5 mm, and Lunglei 2.2 mm during the same period, it said.
The weather department has forecast light to moderate rainfall with thunderstorm and lightning in Mizoram on Tuesday.
